Dublin, Dec. 17, 2018 (GLOBE NEWSWIRE) -- The "Global Smart Manufacturing Industry Size - Segmented by Technology (PLC, SCADA, ERP), Components (Control Device, Robotics, Communication Segment), End-user, and Region - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
The Smart Manufacturing Market was valued at USD 119.68 billion in 2017 and is expected to register a CAGR of 9.84% over the forecast period (2018-2023).
The continuous growth in the adoption of analytical solutions, and the growing concentration on cost reduction and business process proficiency, is expected to boost the smart manufacturing market. The market also has lucrative prospects, as leading players are offering a technologically advanced solution to small and medium-sized businesses (SMB's). The new solutions are garnering a positive image, as they are specifically designed to overcome the modern-day production challenges.
The ability to ensure maximum efficiency, and efficient utilization of resources, is the major differentiator of smart manufacturing technologies. Consequently, increasing number of manufacturers are using these technologies for setting standards, for effective trade-off decisions, maintenance, operation, risk assessment, control, logistic, business, and operation.
Increasing Deployment of IoT Systems in Manufacturing Leads to Growth of Smart Manufacturing
The next industrial evolution is Industrial Internet of Things, which connects everything within the industrial environment, and provides complete operational visibility, besides allowing real-time decisions. The world leaders are fuelling the connected enterprise strategies, as the industry is moving toward increased usage of IoT applications.
The deployment of smarter manufacturing infrastructure, which is based on IoT techniques, helps the companies establish and maintain a wealth of knowledge across control methods, manufacturing, and business processes. The IoT in industry helps connect various sensors & devices through networking, which enable analytics of events and issues. It will provide an overall status of the devices, which in turn will lead to reduced costs, reduced waste, and elimination of loss.
The strategic move to Industrial 4.0, which is referred to as the highly industrialized economy moving through IoT and M2M, is greatly helping in increasing efficiency through analytical insight, reducing system failures through predictive analytics, and optimizing the costs by cutting on wastage. For instance, Lido Stone Works, a premium supplier of stone materials, which leveraged IoT and M2M solutions for their industrial automation, experienced a revenue growth by almost 70%, and increased productivity by almost 30%.
PLC Systems Contribute to Reduce Down Time in Manufacturing Scenario
Machine downtime is one of the major factors that affect the manufacturing efficiency. Downtime is defined, as a halt in the manufacturing, or any other industrial process, due to the unavailability of a machine. Machine downtime also results in additional costs for manufacturers, which increases the production cost, thus, resulting in production losses, or decreased profit margin. The additional costs include Idle labor pay, repair of machinery, additional power costs, additional resources, and over time running costs. It is estimated that downtime is responsible for 20% of the total manufacturing losses.
Deployment of PLC systems can help reduce the machine downtime drastically. Since these systems are automated, they can identify and rectify an error without human intervention. The systems are designed to monitor the machine, working continuously to detect any error or malfunctioning of the machinery, and initiate a rapid response. Downtime of machines can be reduced from 20% to 4%, by the use of automated PLC systems. Increased need for reducing the system downtime is boosting the market.
High Growth in Canada Market and Factors for this Growth
Canadian manufacturers rely on innovation and investment in technologies, in order to be competitive. In an environment of increasing input, labor costs and competition from the large global manufacturers, it is necessary to invest in technologies, to remain competitive and maintain the operating margins.
With over five heavy-duty assembly plants, over 540 OEM parts manufacturers, 400 dealerships, and many other automotive related industries, Canada is the 9th largest vehicle producer in the world, and this sector is the biggest contributor to the manufacturing industry of the country. The manufacturing industry is estimated to contribute approximately 11% to the Canadian GDP.
The manufacturing sector is the largest investor in R&D and implementation of new technologies, in Canada. The government has also taken many initiatives, such as lowering taxes for new investments, various trade agreements with other countries (improved trade opportunities), investments in new technologies, and many skill-training programs, which have helped the manufacturing sector to boom in Canada.
2017 Developments in the Market
Key Topics Covered
1.1 Scope of the Study
1.2 Study Deliverables
2. Research Approach and Methodology
2.1 Study Assumptions
2.2 Analysis Methodology
2.3 Research Phases
3. Executive Summary
4. Market Insights
4.1 Market Overview
4.3 Current Market Trends
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.4 Industry Value Chain Analysis
5. Market Dynamics
6.1 By Technology
6.1.1 Programmable Logic Controller
6.1.2 Supervisory Controller and Data Acquisition
6.1.3 Enterprise Resource and Planning
6.1.4 Distributed Control System
6.1.5 Human Machine Interface
6.1.6 Product Lifecycle Management
6.1.7 Manufacturing Execution System
6.2 By Components
6.2.1 Control Device
6.2.3 Communication Segment
6.3 By End-user
6.3.3 Oil and Gas
6.3.4 Chemical and Petrochemical
6.3.6 Aerospace and Defence
6.3.7 Food and Beverage
7. Segmentation By Region
7.1 North America
7.4. Latin America
7.5 Middle East & Africa
8. Smart Manufacturing Market Company Profiles
8.1 ABB Ltd.
8.2 Emerson Electric Company
8.3 Fanuc Corp
8.4 General Electric Company
8.5 Honeywell International Inc.
8.6 Texas Instruments Inc.
8.7 Mitsubishi Electric Corporation
8.8 Robert Bosch GmbH
8.9 Rockwell Automation Inc.
8.10 Schneider Electric SE
8.11 Siemens Corporation
8.12 Yokogawa Electric Corporation
9. Investment Analysis
10. Future of the Market
For more information about this report visit https://www.researchandmarkets.com/research/33j94j/global_smart?w=12
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